News Release

Jan. 17, 2018

72

JCR Assigned A-/Stable Long-term Issuer Rating to AISAN INDUSTRY

JCR Assigned AAA Rating to Bonds of Aichi Prefecture

JCR Affirmed A, A, Preliminary A and J-1 on Mitsui Chemicals; Revised Outlook from Stable to Positive

JCR Affirmed BBB+ Rating on TONAMI HOLDINGS; Revised Outlook from Stable to Positive

JCR Affirmed A/Stable, A, and Preliminary A on SCSK

Jan. 16, 2018

JCR Assigned AA Rating to Bonds of Chugoku Electric Power

JCR Assigned AA- Rating to Bonds of RICOH LEASING

JCR Affirmed A-/Stable and J-1 on JAPAN PULP AND PAPER

JCR Affirmed A/Stable, A, Preliminary A and J-1 on Sumitomo Osaka Cement

JCR Affirmed A/Stable Long-term Issuer Rating on Wakkanai Shinkin Bank

JCR Affirmed AA/Stable and AA on MORI TRUST Sogo Reit

Jan. 15, 2018

JCR Assigned AA-/Stable Long-term Issuer Rating to Mori Trust Holdings

JCR Affirmed A/Stable, A, and Preliminary A on Nippon Paper Industries

JCR Affirmed BBB+/Stable Long-term Issuer Rating on NIPPON CHEMI-CON

Jan. 12, 2018

Proposal on Shoko Chukin Bank - With heightened Uncertainty about the Future, JCR will Watch Government's Response

JCR Assigned AA- Rating to Bonds of Mitsubishi UFJ Lease & Finance

JCR Assigned AAA Rating to Bonds of Development Bank of Japan

JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyoko Inn

JCR Affirmed A+/Stable Long-term Issuer Rating on Fukuoka Kogyo Daigaku

JCR Affirmed AA+/Stable and J-1+ on Master Trust Bank of Japan

JCR Affirmed AA+/Stable and J-1+ on Japan Trustee Services Bank

JCR Withdraws BBB+/Stable Long-term Issuer Rating on Inageya

Jan. 11, 2018

JCR Assigned AA- Rating to Bonds of Odakyu Electric Railway

JCR Assigned A+ Rating to Bonds of Invesco Office J-REIT

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on RICOH LEASING

Jan. 10, 2018

JCR Assigned Preliminary AA Rating to Shelf Registration of Bank of Tokyo-Mitsubishi UFJ

JCR Affirmed AA/Stable Long-term Issuer Rating on Toyo University

Jan. 05, 2018

JCR Assigned A Rating to Bonds of TOBU RAILWAY

Dec. 29, 2017

JCR Affirmed BBB-/Stable Long-term Issuer Rating on SHIMANE BANK

[ Asset Securitization Products ] JCR Assigned J-1+ to Teral Bills & Electronically Recorded Receivable ABL17-12

Dec. 28, 2017

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Bank of Tokyo-Mitsubishi UFJ’s Investment in Indonesian Commercial Bank – No Immediate Impact on Rating

JCR Upgraded Rating on TOYOBO from A-/Positive, A- and BBB to A/Stable, A and BBB+; Affirmed J-1

JCR Affirmed AA-/Stable Long-term Issuer Rating on DISCO

JCR Affirmed AA-/Stable Long-term Issuer Rating on ROHM

JCR Affirmed AA-/Stable, AA-, Preliminary AA- and J-1+ on TOKYU

JCR Affirmed A-/Stable Long-term Issuer Rating on UCS

[ Asset Securitization Products ] JCR Assigned J-1 to Aso Shoji Bills Receivable ABL17-12

Dec. 27, 2017

JCR Upgraded Rating on Japan Student Services from AA+/Negative and AA+ to AAA/Negative and AAA

JCR Affirmed A+/Positive and A+ on NGK SPARK PLUG

JCR Affirmed J-1+ Rating on CP of TOYOTA MOTOR

JCR Affirmed A-/Stable and J-1 on TOHO HOLDINGS

JCR Affirmed A+/Stable and A+ on ASICS

JCR Affirmed AA/Stable and AA on FAST RETAILING

[ Asset Securitization Products ] JCR Assigned J-1 to Hyakugo Bank B Corporation Bills Receivable ABL17-12-2

[ Asset Securitization Products ] JCR Assigned J-1+ to Saitama Resona Bank A Corporation Bills Receivable Senior Beneficial Interest 17-12

Dec. 26, 2017

For Public Comments on Planned Establishment of Rating Methodology for Infrastructure Funds

JCR Affirmed BBB+/Stable Long-term Issuer Rating on SCREEN Holdings

JCR Affirmed BBB+/Stable, BBB+ and J-2 on MEIDENSHA

JCR Affirmed BBB/Stable Long-term Issuer Rating on Toyo Logistics

JCR Affirmed J-1 Rating on CP of Nippon Steel & Sumikin Coated Sheet

JCR Assigned Preliminary AA- Rating to Shelf Registration of Hiroshima Bank

JCR Affirmed A+/Stable and A+ on Invesco Office J-REIT

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL17-12 (D Hospital)

Dec. 25, 2017

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JCR Affirmed AA Ratings on Corporacion Andina de Fomento with Stable Outlook

[ Asset Securitization Products ] JCR Assigned J-1+ and J-2 to Hokuriku Bank C Corporation Bills Receivable ABL17-12

Dec. 22, 2017

JCR Affirmed A-/Stable and A- on PACIFIC INDUSTRIAL

JCR Affirmed AAA/Negative and AAA on Japan Finance Corporation

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Hyakugo Bank B Corporation Bills Receivable ABL17-12-2

Dec. 21, 2017

JCR Assigned AAA Ratings to Bonds of The African Development Bank

JCR Upgraded Rating on Yasuda Real Estate from A-/Positive to A/Stable; Affirmed J-1

JCR Affirmed A-/Stable and A- on Maruzen Showa Unyu

JCR Affirmed A-/Stable and J-1 on Mitsubishi Electric Credit

JCR Affirmed A+/A+(FC/LC) Ratings on Slovakia with Stable Outlook

JCR Affirmed AA/Stable and AA on Nomura Real Estate Master Fund

JCR Affirmed A on Specified Bonds of Sumitomo Life Fund Securitization SPC V

JCR Affirmed AA- on Specified Bonds of Nissay Fund SPC

JCR Upgraded Rating on Specified Bonds of Meiji Yasuda Life Fund SPC from A to A+

[ Asset Securitization Products ] JCR Assigned J-3 to Narasaki Stax Accounts Receivable ABL17-12

Dec. 20, 2017

JCR's Rating Review of Major Life Insurers

JCR Upgraded Rating on Meiji Yasuda Life Insurance from A+/Positive to AA-/Stable; Affirmed J-1+

JCR Affirmed A+ Rating on Dai-ichi Life Insurance; Revised Outlook from Stable to Positive

JCR Affirmed A+ Rating on SUMITOMO LIFE INSURANCE; Revised Outlook from Stable to Positive

JCR Affirmed AAp/Stable and J-1+ on Nippon Life Insurance Company

JCR Affirmed A/Stable, A, Preliminary A and J-1 on TAKARA HOLDINGS

JCR Affirmed AA/Stable and J-1+ on Tokyo Electron

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Hakuto

JCR Affirmed BBB+/Stable Long-term Issuer Rating on Southern TOHOKU Social Welfare Foundation

[ Asset Securitization Products ] JCR Assigned Preliminary J-1 to Aso Shoji Bills Receivable ABL17-12

[ Asset Securitization Products ] JCR Assigned J-1 to Medical Treatment Fees Receivable ABL17-12 (F Hospital)

Dec. 19, 2017

JETS International Five Limited 48

JCR Upgraded Rating on EIKEN CHEMICAL from BBB/Positive to BBB+/Stable

JCR Affirmed BBB+/Stable, BBB+ and J-2 on HANWA

JCR Affirmed AAA Rating on Bonds (guaranteed by Development Bank of Japan) of Suzuyo

JCR Affirmed AA-/Stable (FC) Rating on POSCO

JCR Affirmed AA-/Stable and Preliminary AA- on Hiroshima Bank

Dec. 18, 2017

JCR Affirmed AA-/Stable and AA- on Coca-Cola Bottlers Japan

JCR Affirmed AAA Ratings on International Bank for Reconstruction and Development with Stable Outlook

Dec. 15, 2017

JCR Assigned A+ Rating to Subordinated Bonds of Taiyo Life Insurance

JCR Assigned AA- Rating to Bonds of LaSalle LOGIPORT REIT

JCR Affirmed AAA/Negative Long-term Issuer Rating on NHK

JCR Affirmed A-/Stable and J-1 on KROSAKI HARIMA

JCR Affirmed A/Stable, A, Preliminary A and J-1 on JA Mitsui Leasing

JCR Affirmed A+/A+ (FC/LC) Ratings on Italy with Negative Outlook

JCR Affirmed A/Positive Long-term Issuer Rating on Invincible Investment Corporation

Dec. 14, 2017

Rakuten to Enter Mobile Network Operator Business – With a Possible Negative Impact on Rating, JCR will Closely Watch Future Developments.

Decision on Provisional Disposition Order of Injunction against Operation of Shikoku Electric Power’s Ikata Nuclear Power Station – JCR will Closely Watch Filing of objections